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José Luis Jiménez: “The dichotomy between recovery and curbing inflation will be the key theme of 2022”

Jan 12, 2022

Redacción Mapfre

Redacción Mapfre

This year could be defined by a return to normality and recovery. In fact, our country is set to receive EU funds with the clear objective of reversing the damage caused by the pandemic over the past two years. However, leaving aside the coronavirus-related risks and the current geopolitical crisis in some regions, “the dichotomy between curbing inflation and economic recovery” will be the key theme of 2022.

This is the opinion of José Luis Jiménez, chief investment officer at MAPFRE, who also expects the ECB’s policies to normalize: “Both long-term and short-term interest rates should go up, while negative rates should end.” In a market increasingly distorted by monetary policy, he warns, “we must watch for interest rates to start normalizing.” “2022 could be a complicated year if expectations suddenly change,” he emphasizes.

This could also be an interesting year “for both risk assets, especially European and American equities, and alternative assets.” Assuming that the markets recover a certain degree of normality, "cyclical sectors and those with a value focus" should be among the top investment options.

Beyond the possibilities that stock markets may offer in such a volatile context, “funds with responsible investment criteria are a great opportunity for investors.” As examples, he cites the MAPFRE Capital Responsable fund, which has increased more than 5% annually in the last three years, and the MAPFRE Inclusión Responsable fund, which has grown more than 30% in the same period.

Inflation will condition the ECB's movements

Inflation will condition the ECB's movements

Inflation in the eurozone, despite the notable decline seen since peaking in 2022, continues to fall less quickly than the European Central Bank (ECB) would like. After learning yesterday that inflation in Europe was 2.5% in June, Alberto Matellán, chief economist at MAPFRE Inversión, explained that this level, although “reasonable,” will continue to limit the ECB as far as future interest rate cuts go.

French election puts pressure on European fixed income

French election puts pressure on European fixed income

The European fixed income market has seen an upward movement in the last month largely due to the economic and political uncertainty in France. This follows President Emmanuel Macron's call for elections, which were won in the first round by Marine Le Pen's party, explained MAPFRE AM's Fixed Income Manager, David Iturralde, on Radio Intereconomía.

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